If you want to find excellent real estate deals, you have to know where to look and more importantly, what to do to get those deals.
Many unsuspecting home buyers are usually so bombarded with regular property offers that they miss out on some cheaper, sometimes better real estate property, particularly in the Greater Toronto Area.
In this article, we’ll be showing you how you can easily take advantage of these little-known tricks to get yourself a better deal on your next real estate purchase.
1. Look Out for Long-Term Vacant Properties
Vacant properties cost money to maintain. Owners have to deal with utility costs, maintenance fees, taxes, repair costs, annual property insurance costs, continuing mortgage payments, and many other charges. Then, there’s the risk of considerable damage to property, burgling and even fire.
The longer they stay on the market, the more money they cost their owners. As a result, many owners are often willing to sell at a price lower to get rid of those properties. The good news is that long-term in the Greater Toronto Area often means properties that have been listed for 30-60 days (most Toronto properties are often snatched up within 23 days of their listing). Interestingly, these offers aren’t so hard to find.
2. Listings with Definite Closing Dates
Many listings have specific closing dates. Those with specific dates may be great for getting good bargains. Most of the time, these dates are probably more important to the sellers, than the money.
For some, it could be that they have to move to another city on a specific date, need to make a down payment on another property, and intend to use the proceeds from the sale of their listed property, and so on. Whatever their reasons, they’re likely to be flexible on their pricing if you can make them a decent offer and meet their closing date.
3. Look for Bank Foreclosed Properties
Foreclosed homes are usually properties repossessed by the banks after the homeowner has defaulted on multiple mortgage payments. While no one should capitalize on another person’s loss, the reality is that banks relist these properties at prices that are often discounted.
Home deal seekers can find good bargains from these listings, provided you’re willing to renovate the properties. Bank foreclosure processes often take years. During this time, the unoccupied home may be rundown and dilapidated.
As you can see, you don’t have to pay the market-listed prices for homes or condos. Follow these proven techniques, and you will often find great real estate deals in the Greater Toronto Area and elsewhere.
Check out our website for great “deals” on real estate properties in the Greater Toronto Area.